Response surface methodology (RSM) was employed to optimize the conditions for the ultrasonic-assisted extraction (UAE) of polysaccharides from the flowers of Dendrobium devonianum. The optimal conditions for the maximum yields of DDFPs are as follows: an extraction temperature of 63.13°C, an extraction time of 53.10 min, and a water-to-raw material ratio of 22.11 mL/g. Furthermore, three fractions (DDFPs30, DDFPs50, and DDFPs70) were prepared from Dendrobium devonianum flowers polysaccharides (DDFPs) by the stepwise ethanol precipitation method. The DDFPs50 exhibited the highest antioxidant activity compared to the other fractions. The molecular weight, polydispersity, and conformation of these fractions were also characterized. In particular, the monosaccharide composition analysis of the DDFPs indicates that mannose and glucose are the primary components, similar to those of the D. officinale plant. This study provides a rapid extraction technology and essential information for the production of DDFPs, which could be potentially used as healthcare food.